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2016 (5) TMI 1167 - HC - Income TaxEntitlement to deduction on account of premium paid on Keyman Insurance Policies of its partners - Held that:- As decided in Pr. Commissioner of Income Tax-I, Ludhiana v. M/s Ramesh Steels, Ludhiana [2016 (5) TMI 1155 - PUNJAB & HARYANA HIGH COURT] in the case of the assessee where it has been held that the Keyman insurance policy taken out in respect of partner of the firm would be admissible expenditure. Premium paid by the assessee related to period beyond 31.3.2005 - whether not allowable deduction for the assessment year 2005-06? - Held that:- Learned counsel for the revenue was unable to show that the claim of deduction of premium on Keyman insurance policy amounting to Rs. 84,68,494/- was erroneously granted and the order of the Tribunal was unsustainable
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